BANK NIFTY ANALYSIS

PRE-MARKET:

Bank Nifty has fallen upto 50% from the rise of 17174 - 19229. Holding 18200 EOD and breakout above 18350-400 will result in an upmove. If Resisted at 18400 - then again a fall towards 18200 - break of which would drag BN towards 17900-17800.

50 DMA is 18330 and 200 DMA is 18300 - a FAST RISE set up is prevailing - On an EOD close above 18300 - it will  come into play very effectively.

Trade Plan for today:
INTRADAY -
Buy above 18200 Sl 18150 Hour Close targets - 18350-400 spot values. If two Hour close above 18350 - then trail SL to 18350 CLOSE and hold the LONGS.

Sell below 18200 - SL Hour close above 18250 - targets 1800/17950/17800

BANK NIFTY ANALYSIS

1.30PM Update:

Owing to Global weakness - Banknifty has fallen from 18500 -18250 levels. 18300 is 200 DMA and 18330 is 50 DMA - A FAST RISE BETWEEN 50 DMA AND 200 DMA. An EOD close above 18300 would be an initial step for Bounce back.

The BEARISH WOLFEWAVE (24 JULY 2014) has reached its final target. The Bullish Gartley pattern is completed. 

http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_4c7145301c781882e2046bd9b88a60f3.png

Time to Exit shorts taken at 19000.